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BENTLEY SYSTEMS INC-CLASS B (BSY) Stock Fundamental Analysis

NASDAQ:BSY - Nasdaq - US08265T2087 - Common Stock - Currency: USD

56.35  -0.33 (-0.58%)

After market: 56.01 -0.34 (-0.6%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to BSY. BSY was compared to 282 industry peers in the Software industry. BSY scores excellent on profitability, but there are concerns on its financial health. BSY is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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9

1. Profitability

1.1 Basic Checks

In the past year BSY was profitable.
BSY had a positive operating cash flow in the past year.
In the past 5 years BSY has always been profitable.
BSY had a positive operating cash flow in each of the past 5 years.
BSY Yearly Net Income VS EBIT VS OCF VS FCFBSY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

1.2 Ratios

BSY has a better Return On Assets (7.52%) than 81.21% of its industry peers.
BSY has a better Return On Equity (23.30%) than 88.30% of its industry peers.
Looking at the Return On Invested Capital, with a value of 10.70%, BSY belongs to the top of the industry, outperforming 87.23% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for BSY is below the industry average of 12.28%.
The last Return On Invested Capital (10.70%) for BSY is above the 3 year average (8.00%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 7.52%
ROE 23.3%
ROIC 10.7%
ROA(3y)7.42%
ROA(5y)7.4%
ROE(3y)30.01%
ROE(5y)29.96%
ROIC(3y)8%
ROIC(5y)10.54%
BSY Yearly ROA, ROE, ROICBSY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

1.3 Margins

With an excellent Profit Margin value of 18.46%, BSY belongs to the best of the industry, outperforming 85.46% of the companies in the same industry.
BSY's Profit Margin has improved in the last couple of years.
The Operating Margin of BSY (24.11%) is better than 91.13% of its industry peers.
BSY's Operating Margin has improved in the last couple of years.
BSY's Gross Margin of 81.12% is amongst the best of the industry. BSY outperforms 84.04% of its industry peers.
In the last couple of years the Gross Margin of BSY has remained more or less at the same level.
Industry RankSector Rank
OM 24.11%
PM (TTM) 18.46%
GM 81.12%
OM growth 3Y5.52%
OM growth 5Y3.69%
PM growth 3Y21.55%
PM growth 5Y4.39%
GM growth 3Y1.43%
GM growth 5Y0.13%
BSY Yearly Profit, Operating, Gross MarginsBSY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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3

2. Health

2.1 Basic Checks

BSY has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
The number of shares outstanding for BSY has been increased compared to 1 year ago.
Compared to 5 years ago, BSY has more shares outstanding
BSY has a better debt/assets ratio than last year.
BSY Yearly Shares OutstandingBSY Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M
BSY Yearly Total Debt VS Total AssetsBSY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

An Altman-Z score of 5.00 indicates that BSY is not in any danger for bankruptcy at the moment.
BSY has a better Altman-Z score (5.00) than 69.15% of its industry peers.
The Debt to FCF ratio of BSY is 2.85, which is a good value as it means it would take BSY, 2.85 years of fcf income to pay off all of its debts.
With a decent Debt to FCF ratio value of 2.85, BSY is doing good in the industry, outperforming 65.60% of the companies in the same industry.
A Debt/Equity ratio of 1.13 is on the high side and indicates that BSY has dependencies on debt financing.
BSY's Debt to Equity ratio of 1.13 is on the low side compared to the rest of the industry. BSY is outperformed by 75.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF 2.85
Altman-Z 5
ROIC/WACC1.01
WACC10.57%
BSY Yearly LT Debt VS Equity VS FCFBSY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

2.3 Liquidity

A Current Ratio of 0.49 indicates that BSY may have some problems paying its short term obligations.
BSY has a Current ratio of 0.49. This is amonst the worse of the industry: BSY underperforms 90.43% of its industry peers.
BSY has a Quick Ratio of 0.49. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Quick ratio value of 0.49, BSY is not doing good in the industry: 90.07% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 0.49
Quick Ratio 0.49
BSY Yearly Current Assets VS Current LiabilitesBSY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

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6

3. Growth

3.1 Past

BSY shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 14.43%, which is quite good.
Measured over the past years, BSY shows a quite strong growth in Earnings Per Share. The EPS has been growing by 12.41% on average per year.
The Revenue has grown by 10.72% in the past year. This is quite good.
The Revenue has been growing by 12.93% on average over the past years. This is quite good.
EPS 1Y (TTM)14.43%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%12.9%
Revenue 1Y (TTM)10.72%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%9.7%

3.2 Future

Based on estimates for the next years, BSY will show a quite strong growth in Earnings Per Share. The EPS will grow by 14.77% on average per year.
Based on estimates for the next years, BSY will show a quite strong growth in Revenue. The Revenue will grow by 9.11% on average per year.
EPS Next Y11.41%
EPS Next 2Y12.24%
EPS Next 3Y14.01%
EPS Next 5Y14.77%
Revenue Next Year9.8%
Revenue Next 2Y10.06%
Revenue Next 3Y9.77%
Revenue Next 5Y9.11%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
BSY Yearly Revenue VS EstimatesBSY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 500M 1B 1.5B 2B
BSY Yearly EPS VS EstimatesBSY Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0.5 1 1.5 2

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3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 50.77, which means the current valuation is very expensive for BSY.
BSY's Price/Earnings is on the same level as the industry average.
BSY's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 27.30.
BSY is valuated quite expensively with a Price/Forward Earnings ratio of 41.80.
BSY's Price/Forward Earnings is on the same level as the industry average.
BSY is valuated expensively when we compare the Price/Forward Earnings ratio to 21.76, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 50.77
Fwd PE 41.8
BSY Price Earnings VS Forward Price EarningsBSY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, BSY is valued a bit cheaper than 65.96% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, BSY is valued a bit cheaper than 67.02% of the companies in the same industry.
Industry RankSector Rank
P/FCF 39.19
EV/EBITDA 45.87
BSY Per share dataBSY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4 -4

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates BSY does not grow enough to justify the current Price/Earnings ratio.
The excellent profitability rating of BSY may justify a higher PE ratio.
BSY's earnings are expected to grow with 14.01% in the coming years. This may justify a more expensive valuation.
PEG (NY)4.45
PEG (5Y)4.09
EPS Next 2Y12.24%
EPS Next 3Y14.01%

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4

5. Dividend

5.1 Amount

With a yearly dividend of 0.49%, BSY is not a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 33.31, BSY pays a better dividend. On top of this BSY pays more dividend than 90.43% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.35, BSY's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.49%

5.2 History

BSY has been paying a dividend for over 5 years, so it has already some track record.
BSY has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years4
BSY Yearly Dividends per shareBSY Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 2025 0.05 0.1 0.15 0.2

5.3 Sustainability

BSY pays out 29.50% of its income as dividend. This is a sustainable payout ratio.
DP29.5%
EPS Next 2Y12.24%
EPS Next 3Y14.01%
BSY Yearly Income VS Free CF VS DividendBSY Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
BSY Dividend Payout.BSY Dividend Payout, showing the Payout Ratio.BSY Dividend Payout.PayoutRetained Earnings

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BENTLEY SYSTEMS INC-CLASS B

NASDAQ:BSY (7/11/2025, 8:00:02 PM)

After market: 56.01 -0.34 (-0.6%)

56.35

-0.33 (-0.58%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)05-07 2025-05-07/bmo
Earnings (Next)08-04 2025-08-04/amc
Inst Owners42.78%
Inst Owner Change0.09%
Ins Owners40.87%
Ins Owner Change-1.25%
Market Cap17.10B
Analysts77.89
Price Target53.26 (-5.48%)
Short Float %4.36%
Short Ratio4.13
Dividend
Industry RankSector Rank
Dividend Yield 0.49%
Yearly Dividend0.24
Dividend Growth(5Y)N/A
DP29.5%
Div Incr Years2
Div Non Decr Years4
Ex-Date06-03 2025-06-03 (0.07)
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)4.89%
Min EPS beat(2)-4.04%
Max EPS beat(2)13.82%
EPS beat(4)2
Avg EPS beat(4)9.93%
Min EPS beat(4)-4.04%
Max EPS beat(4)31.97%
EPS beat(8)6
Avg EPS beat(8)13.6%
EPS beat(12)10
Avg EPS beat(12)13.7%
EPS beat(16)14
Avg EPS beat(16)17.3%
Revenue beat(2)1
Avg Revenue beat(2)-0.56%
Min Revenue beat(2)-1.14%
Max Revenue beat(2)0.02%
Revenue beat(4)2
Avg Revenue beat(4)-0.78%
Min Revenue beat(4)-2.61%
Max Revenue beat(4)0.61%
Revenue beat(8)3
Avg Revenue beat(8)-0.72%
Revenue beat(12)5
Avg Revenue beat(12)-0.26%
Revenue beat(16)9
Avg Revenue beat(16)0.37%
PT rev (1m)0%
PT rev (3m)-6.43%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.47%
EPS NY rev (1m)0%
EPS NY rev (3m)2.11%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)2.3%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.47%
Valuation
Industry RankSector Rank
PE 50.77
Fwd PE 41.8
P/S 12.34
P/FCF 39.19
P/OCF 38.01
P/B 15.58
P/tB N/A
EV/EBITDA 45.87
EPS(TTM)1.11
EY1.97%
EPS(NY)1.35
Fwd EY2.39%
FCF(TTM)1.44
FCFY2.55%
OCF(TTM)1.48
OCFY2.63%
SpS4.57
BVpS3.62
TBVpS-4.9
PEG (NY)4.45
PEG (5Y)4.09
Profitability
Industry RankSector Rank
ROA 7.52%
ROE 23.3%
ROCE 13.38%
ROIC 10.7%
ROICexc 11.07%
ROICexgc N/A
OM 24.11%
PM (TTM) 18.46%
GM 81.12%
FCFM 31.48%
ROA(3y)7.42%
ROA(5y)7.4%
ROE(3y)30.01%
ROE(5y)29.96%
ROIC(3y)8%
ROIC(5y)10.54%
ROICexc(3y)8.22%
ROICexc(5y)11.91%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)10%
ROCE(5y)13.18%
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3Y4.29%
ROICexc growth 5Y-15.93%
OM growth 3Y5.52%
OM growth 5Y3.69%
PM growth 3Y21.55%
PM growth 5Y4.39%
GM growth 3Y1.43%
GM growth 5Y0.13%
F-Score7
Asset Turnover0.41
Health
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF 2.85
Debt/EBITDA 3.13
Cap/Depr 21.12%
Cap/Sales 0.97%
Interest Coverage 23.7
Cash Conversion 113.01%
Profit Quality 170.57%
Current Ratio 0.49
Quick Ratio 0.49
Altman-Z 5
F-Score7
WACC10.57%
ROIC/WACC1.01
Cap/Depr(3y)27.47%
Cap/Depr(5y)32.2%
Cap/Sales(3y)1.59%
Cap/Sales(5y)1.72%
Profit Quality(3y)148.6%
Profit Quality(5y)185.51%
High Growth Momentum
Growth
EPS 1Y (TTM)14.43%
EPS 3Y8.4%
EPS 5Y12.41%
EPS Q2Q%12.9%
EPS Next Y11.41%
EPS Next 2Y12.24%
EPS Next 3Y14.01%
EPS Next 5Y14.77%
Revenue 1Y (TTM)10.72%
Revenue growth 3Y11.93%
Revenue growth 5Y12.93%
Sales Q2Q%9.7%
Revenue Next Year9.8%
Revenue Next 2Y10.06%
Revenue Next 3Y9.77%
Revenue Next 5Y9.11%
EBIT growth 1Y24.6%
EBIT growth 3Y18.11%
EBIT growth 5Y17.09%
EBIT Next Year16.34%
EBIT Next 3Y15.74%
EBIT Next 5Y10.9%
FCF growth 1Y32.12%
FCF growth 3Y15.91%
FCF growth 5Y22.26%
OCF growth 1Y28.94%
OCF growth 3Y14.76%
OCF growth 5Y20.58%